Sula Vineyards zooms after posting record sales in Q3

Shares of Sula Vineyards, which debuted on bourses recently, zoomed nearly 10 percent on January 16 after the company posted its best-ever quarterly numbers.

The country's largest wine producer in a press release said on January 13.said it clocked the highest-ever quarterly sales in the third quarter of fiscal year 2022-23. The record surge was reported by the Nashik-headquartered company in the sale of its own wine brands, as well the gross billings generated through its wine tourism business.

As of 10.29am, the stock traded up 9.87 percent at Rs 357.40 on the BSE. The stock got listed on December 22 and has since languished. However, thanks to the rally today, its year-to-date returns are now at 8 percent.

The company said sales of its own wine brands jumped to Rs 187.2 crore in Q3FY23, which is up 13 percent as against Rs 165.7 crore clocked in the year-ago period. In the wine tourism business, the company recorded its gross billings amounting to Rs 23 crore in the third quarter, a 13 percent surge over Rs 20.3 crore a year back.

Sula Vineyards' chief executive officer Rajeev Samant said this marks a "new milestone" in the company's journey, which began in 1996.

"Sula is one of the most loved home-grown consumer brands in India today. Building on the strong bounce-back from the recent Covid pandemic, we are pleased to have delivered our highest-ever quarterly sales performance," Samant said.

Ahead of the IPO, most brokers were upbeat about the issue. The stock, though, is yet to see any analyst coverage initiation.